ny timesThe New York Times Company saw net income jump nearly 48% in the fourth quarter to $51.7M as lower costs and severance expenses offset flat revenues of $444.7M.

The Times said operating costs fell 7.7% during the quarter to $352.7M. It added 53,000 new paid digital subscribers in Q4, the most in three years.

Despite previous reductions, the company said it plans a "sweeping examination" of the newsroom to identify further areas for cost reductions.

Circulation revenues inched up 1.3% while ad revenues fell 1.3% during the quarter. Print ads fell 6.6% while digital ads climbed 10.6% to $69.9M. Digital subscriptions climbed 13.3% in the fourth quarter worth $50.4M.

President and CEO Mark Thompson called 2015 "a year of progress" for the Times, noting its virtual reality play, growth in its T Brand Studio and mobile, as well as digital growth.

For the year, revenues slipped 0.6% to just under $1.6B. Digital ads rose 8.2% to $197.1M. Print fell 8%.

The Times claims 1,094,000 digital-only subscribers as of the end of Q4, up 20% over Q4 of 2014.